Global Neurovascular Devices Market - 2022-2029

Global Neurovascular Devices Market - 2022-2029

Market Overview

The Global Neurovascular Devices Market is expected to grow at a high CAGR of 4.3% during the forecasting period (2022-2029).

Neurovascular devices are employed in the treatment of neurovascular disorders. Neurovascular diseases affect the cerebral vascular system and the spinal cord that encompasses any abnormality of the blood vessels within or supplying the brain and spine. Abnormalities may be narrowing of arteries which reduces blood flow to the brain which leads to a risk of stroke and weakening of arteries which leads to brain aneurysms and increase the risk of intracranial bleeding.

Market Dynamics

The global neurovascular devices market growth is driven by the increasing target patient population, ongoing product development and commercialization, and rising research activities in the field of neurovascular therapies.

The increasing R&D investments in the pharmaceutical and biotechnology industry will drive the market growth

Neurosurgeons and medical professionals are increasingly looking at therapeutic alternatives that can effectively reduce the risk of fatality or severity of neurovascular diseases in patients. With a growing number of patients suffering from neurovascular diseases (such as epilepsy, brain stroke, and cerebral aneurysm) and rising severity of medical conditions (such as hemorrhage and local infections) in target patients, the demand for effective neurovascular treatments is continuously rising across key markets such as the US, Germany, Japan, China, and India. For instance, a cerebral aneurysm is a common neurovascular disorder across the globe. This condition has a significant risk of hemorrhage or permanent neurological damage associated with it. As of 2020, 6.5 million brain aneurysm cases were reported in the US and 30,000 people in the US suffer brain aneurysm rupture every year.

According to the NHS England, around 1 in 12,500 people in England have a brain aneurysm every year. Furthermore, around 3% of adults in the U.K. have a cerebral aneurysm. The increasing prevalence of hypertension, alcohol consumption, and smoking is anticipated to result in a brain aneurysm. The advancement of innovative technology has led to significant demand for procedures with minimum invasion. Slightly invasive procedures offering benefits to the patients including decreased pain, less blood loss, and cost-effectiveness will increase the adoption of neurovascular surgeries, these factors will also help to accelerate neurovascular devices market growth in the forecast period.

Stringent regulations will hamper the growth of the market

Several key neurovascular device manufacturers (such as Stryker and Medtronic Plc) have been successful in the development and subsequent commercialization of their respective products during the last decade. These products were primarily intended for interventional use during neurovascular surgeries. However, across the mature markets (particularly in the US), the developmental pipeline for interventional neurology products is affected mainly by pricing pressure faced by the key product manufacturers as a result of unsupportive government reforms undertaken in the last three years. Regulatory laws in the US require substantial scientific evidence for clinical trials conducted on human subjects to confirm the safety, efficacy, & risk profile of specific medical devices intended for a particular therapeutic application (including for neurovascular intervention). Thus, these factors will hamper the market growth in the forecast period.

COVID-19 Impact Analysis

COVID-19 impacted the global supply chain of medical devices, affecting the neurovascular devices market. Over the past two years, the number of patient visits to hospitals has also reduced significantly despite the emergency. There is considerable variation in the management of neurointerventional procedures during the COVID-19 pandemic. Patients are avoiding healthcare institutions to prevent contact with COVID-19 patients and healthcare professionals. Falling rates have been observed across a range of acute and critical conditions, including stroke, myocardial infarction, and various cancers. The interventional neurology devices market is expected to be impacted due to the temporary postponement of various elective surgeries, as governments and authorities seek to ensure the availability of resources for COVID-19 patients. Closed manufacturing facilities due to lockdowns have also disrupted supply chains, and reduced recruitments for clinical trials have further impacted the growth of the overall neurovascular devices market.

Segment Analysis

The ischemic strokes segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

Ischemic stroke is referred to as a heterogeneous multifactorial disease characterized by the sudden onset of neurologic signs that are directly related to the places of injury in the brain where the morbid process takes place. The evaluation of multifaceted neurologic disorders, including stroke, in which a large number of genetic and epigenetic factors interact with even the environmental risk factors in order to increase the risk has been revolutionized by the GWAS (genome-wide association studies) approach.

According to the Stroke Center, the US, the risk of ischemic stroke in current smokers is around two-fold higher than that of nonsmokers after fine-tuning with other risk factors. Hence, with the increasing smoking population, the prevalence of the disease is expected to rise significantly over the forecast period, thus contributing to the growth of the market in the forecast period.

Geographical Analysis

The North American region holds the largest market share of the global neurovascular devices market

North America dominates the market for Neurovascular Devices and is expected to show a similar trend over the forecast period, owing to the presence of a large number of key players operating in the neurovascular devices market. According to the Centers for Disease Control and Prevention (CDC) facts (2017), stroke results in the death of about 140,000 Americans each year which is 1 out of every 20 deaths. In the United States, there is estimated to be at least one stroke every 40 seconds, and every four minutes, someone dies of a stroke.

Approximately 87% of all strokes are ischemic strokes, in which blood flow to the brain gets blocked. Similarly, as stated by the Brain Aneurysm Foundation (2019), cerebral aneurysms affect an estimated 6 million Americans and are accountable for nearly half a million deaths worldwide each year, with half the victims age 50 and younger. All these factors are expected to fuel the overall market growth across the region. Thus, the presence of key players in the region leads to the easy availability of neurovascular devices. Moreover, other factors such as the surge in prevalence of neurovascular disorders are another major factor that boosts neurovascular devices market growth in the region.

Competitive Landscape

The neurovascular devices market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Abbott Laboratories, Johnson & Johnson (DePuy Synthes), Medtronic plc, MicroPort Scientific Corporation, Penumbra, Inc., Stryker Corporation, Terumo Corporation, W. L. Gore & Associates, Inc., Asahi Intecc Co. Ltd, and Acandis GmbH among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the neurovascular devices market globally. For instance, in 2021, Pehnox established a new entity in the UK in light of Brexit to strengthen its footprint in the key markets across Europe.

Medtronic plc

Overview:

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical-Surgical Portfolio, and Diabetes Operating Unit.

Product Portfolio:

SOLITAIRE X: The Solitaire X Revascularization Device, featuring Parametric design, a unique overlapping stent retriever-based technology, restores blood flow and retrieves clots from occluded blood vessels in the brain for patients experiencing acute ischemic stroke (AIS) due to a large vessel occlusion (LVO).

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